31 Mar 2023
Assets749.70
Total Income419.00
EBITDA43.97
Profit After Tax-16.89
NET Worth286.38
Reserves and Surplus281.31
Total Borrowing317.91
At a glance
Updated 2026-08-24The shares listed at ₹620.00, a 27.84% move from the issue price. Rubicon Research is a Mainboard IPO with an issue size of ₹1,377.68 crore, proposed for listing on BSE, NSE. The offer opens on 9th Oct 2025 and closes on 13th Oct 2025. The issue structure includes a fresh issue of ₹500.18 crore and an offer-for-sale component of ₹877.50 crore. The current listing schedule points to 16th Oct 2025.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹1,377.68 Cr
Fresh issue₹500.18 Cr
Offer for sale₹877.50 Cr
Face value₹1
Price band₹461.00–₹485.00
Allotment14th Oct 2025
Listing16th Oct 2025
Listing performance
Full performance ↗Issue price₹485.00
Listing price₹620.00
Current price—
Listing gain27.84%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹120.00
GMP / upper price24.74%
Est. listing₹605.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens9th Oct 2025
Closes13th Oct 2025
Allotment14th Oct 2025
Refund15th Oct 2025
Demat15th Oct 2025
Listing16th Oct 2025
Subscription demand
Full bidding ↗Total109.35×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 30 | ₹14,550 |
Company
Incorporated1999
Use of proceeds
| Object | Amount |
|---|---|
| Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | ₹310.00 Cr |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes | ₹161.27 Cr |
| Issue Expenses | ₹79.12 Cr |
| Total | ₹550.40 Cr |
Financials
Full financials ↗31 Mar 2024
Assets1,109.49
Total Income872.39
EBITDA173.09
Profit After Tax91.01
NET Worth385.00
Reserves and Surplus369.79
Total Borrowing396.41
31 Mar 2025
Assets1,451.43
Total Income1,296.22
EBITDA267.89
Profit After Tax134.36
NET Worth540.98
Reserves and Surplus525.57
Total Borrowing393.17
30 Jun 2025
Assets1,647.60
Total Income356.95
EBITDA79.74
Profit After Tax43.30
NET Worth593.67
Reserves and Surplus397.50
Total Borrowing495.78
Trend chart₹ crore
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt / Equity | 0.73% |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| Price to Book Value | 13.65 |
Valuation & shareholding
Pre-IPO EPS8.70
Post-IPO EPS10.51
Pre-IPO P/E55.75
Post-IPO P/E46.13
Promoter holding pre75.71%
Promoter holding post59.78%
Market cap₹7990.21 Cr.
Issue expenses
| Expense | Amount |
|---|---|
| Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | ₹310.00 Cr |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes | ₹161.27 Cr |
| Issue Expenses | ₹79.12 Cr |
| Total | ₹550.40 Cr |
Registrar & lead managers
Registrar
MUFG Intime India Pvt.Ltd.Lead managers
- JM Financial Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-08-24.